HSI Down 349 pts; HSTI Down 71 pts; PING AN Down over 3%
Hong Kong stocks plunged on Monday, with the Hang Seng Index (HSI) falling 349 points, or 1.4%, to 24,650.75.
The Hang Seng Technology Index (HSTI) also fell 71 points, or 1.5%, to 4,693.85.
The losses were led by financial and technology stocks.
Ping An Insurance (Group) Company of China (02318) fell over 3% to HK$52.15.
The Shanghai Composite Index (SSEC) also fell, losing 19 points, or 0.5%, to 3,227.89.
The Shenzhen Component Index (SZSC) fell 0.8% to 11,833.91.
The losses in Hong Kong and mainland China came as investors worried about the economic impact of the ongoing COVID-19 pandemic.
In other news, the People's Bank of China (PBOC) kept its key interest rates unchanged on Monday.
The one-year loan prime rate (LPR) remained at 3.7%, and the five-year LPR remained at 4.6%.
The PBOC's decision was in line with expectations.
The PBOC has kept its interest rates unchanged since April 2020, as it tries to support the economy amid the COVID-19 pandemic.
However, the PBOC has also been gradually reducing its liquidity injections into the financial system.
This suggests that the PBOC is beginning to normalize its monetary policy.
The PBOC's decision to keep its interest rates unchanged is likely to be welcomed by the market.
Stability in interest rates will help to support economic growth and prevent financial instability.
However, the PBOC will need to continue to monitor the economic situation closely and adjust its monetary policy accordingly.
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